Scoring a lucrative savings account bonus can give your finances a nice boost. But with so many banks offering deals, how do you know which are truly the best and worth your time? This comprehensive guide reveals insider strategies for maximizing savings account bonuses in 2023.
Understand the Key Terms
The devil is in the details. Be sure you understand key requirements before opening an account:
- Minimum deposit - The amount you must deposit to get the bonus. Often $1,000 - $5,000.
- Maintenance period - How long you must keep funds in the account. Commonly 3-6 months.
- Additional terms - Direct deposit, debit transactions, hold periods on funds. Read carefully.
- Expiration date - The deadline to open the account and qualify for the bonus. These vary.
Thoroughly review the bonus terms so there are no surprises down the road.
Time Application Strategies
Since many bonuses are only available for a limited window, timing is critical:
- Set alerts - Use sites like Doctor of Credit to track expiring offers. Move quickly once notified.
- Watch for seasonality - Banks often offer higher bonuses around holidays and early in the year.
- Don't wait until the last day - Give yourself a buffer in case any errors occur in the application.
- Note application limits - Some banks restrict you to one account bonus per calendar year. Apply wisely.
Proper timing means maximizing the number of lucrative bonuses you can qualify for over a 12-month period.
Have Funds Ready to Deposit
Once approved for the account, you'll need to quickly fund it with the minimum deposit amount:
- Avoid transferred funds - Directly deposit new money you already have available. Many bonuses exclude transferred amounts.
- Hit the minimum - No need to deposit more than the required amount to get the highest bonus.
- Watch for holds on transfers - Transferred funds often can't be withdrawn for several days.
- Use multiple accounts if needed - Spread deposits across accounts you own to amass the minimum.
Having a pool of readily available money to deposit gives you the flexibility to pounce on bonuses whenever attractive offers arise.
Minimize Hassle to Retain Funds
The key to earning bonuses is keeping the money in the account for the full maintenance period. Make this easy on yourself:
- Set calendar reminders for when the retention period ends so you know when funds can be withdrawn.
- Automate transfers back out as soon as allowed to avoid forgetting.
- Earn a little interest during the retention period. Some online savings accounts offer up to 4% APY.
- Keep account active if needed by setting up small repeating transfers.
Minimizing hassles around maintenance requirements helps ensure you successfully earn each bonus.
Stack Bonuses and Referrals
Savvy bonus hunters look for ways to maximize earnings:
- Combine a bonus with an account referral bonus from a friend for exponential rewards.
- Open joint accounts with a spouse or family member when allowed. Each person can qualify.
- Stagger applications, waiting the maintenance period before applying for the next bonus.
- Refer others once you have an account to earn referral bonuses yourself.
Getting creative with techniques like stacking and referrals can really add up the bonuses!
Follow these tips and you'll be on your way to unlocking the best and most lucrative savings account bonuses in 2023. Let the bonus hunting begin!